The limited liability partnership act, 2008 was enacted by the parliament of india to introduce and legally sanction the concept of llp in india. The act replaces the companies act, 61 of 1973 and came into effect on 1 may 2011. Companies act financial services commission montserrat. In this article, we explore the requirements applicable to a disposal of the greater part of a companys assets or undertakings in terms of section 112 of the companies act act no. Companies act in pdf is available for students and professionals.
Companies act institute of directors in southern africa. The companies act, 2008 retains the broad outlines of the existing regime for company names. In terms of section 223, and item 14 of schedule 5, of the companies act, 2008 act. In line with international best practice, the law provides modern vehicle for domestic and international investors to invest in and from mauritius. As from 1 april 2020 only fully automated services see notice 20 on the indicated channels that will be available to the publi. The provisions of the act set the bar for competent directors at much higher levels than we have seen in the past. This consolidated version of the enactment incorporates all amendments listed in the footnote on the first page. Understanding the new companies act pwc south africa. Amendment of the companies act regulation, 2011 560kb pdf 20 august 20.
The pfma refers to public finance management act, no. Par value shares old act allowed par value and no par value share new act precludes creation of new authorised par value share existing par value shares remain may issue unissued par value shares from authorised capital as at 1 may 2011 if at least one such share issued new company cannot create or issue. All south african businesses are governed by the companies act no 71 of 2008. Pdf the impact of the companies act 71 of 2008 on the.
The name reservation process will no longer be a separate, formal preregistration process. Understanding gina, the genetic information nondiscrimination act of 2008 what is gina. Amendment of the companies act regulation, 2011 102kb pdf 5 february 2014. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the. Guidelines for corporate law reform may 2004, a policy document developed by the department of trade and industry the dti. An act to reform company law and restate the greater part of the enactments relating to companies. Schedule 5 of the act sets out the transitional arrangements, which are summarised as follows.
Companies act 2006 is up to date with all changes known to be in force on or before 30 april 2020. This booklet provides insight into how creditors may. However, the legislature has foreseen that it may be necessary from a business perspective for a person to conclude a contract for a company that is not in existence yet and has therefore included section 21 into the companies act 71 of 2008 which is the enabling provision for the conclusion of preincorporation contracts. The regulations refers to the regulations to the companies act, no. The companies act 2009 sierra leone legal information. Companies and allied matters act arrangement of sections part a companies part i corporate affairs commission section 1.
It is hereby notified that the president has assented to the following act, which is hereby published for general information. The rule would permit certain etfs to begin operating without the expense and delay of obtaining an. Securities and exchange commission 17 cfr parts 239, 270, and. Superiority ofact part ii incorporation and registration of companies 6. The draft regulations deal with the functions of the companies commission, the takeover regulation panel and the companies tribunal, and other matters relating to the regulation of companies, to take effect at the time that the companies act, 2008 takes. Brand south africa south africa has a welldeveloped and formally regulated company law regime.
Companies ct 2008 act o 71 of 2008 6 right to incorporate company or transfer registration of foreign company one or more persons, or an organ of state, may incorporate a profit company, and an organ of state, a juristic person, or three or more persons acting in concert, may incorporate a nonprofit company, by. See section 5a1 of the investment company act defining openend company as a management company that is offering for sale or has outstanding any redeemable security of which it is the issuer. Notes on the guide to companies act no 71 of 2008 this guide is intended as an easy reference, pocketsized guide for directors, shareholders, company officers and any other stakeholder who has an interest in corporate law reform. Insurance act 2008 section 1 c at 16 of 2008 page 9 c i e insurance act 2008 received royal assent. The new statutory derivative action under the companies act 71 of 2008 is a paramount protective measure or weapon for minority shareholders, which will be very useful in good corporate governance and in policing boards of directors. This article deals with the regulation of company shares and gives more information to the differences between the parvalue shares and the no par value shares. Counsel interpretation of section 902 b of the companies act, 2008 the act on registered auditors. Part i interpretation interpretation 21in this act, a articles means the articles of association of a company, as originally framed or as altered by special resolution, and includes, so far as they apply to the company, the regulations made. In order to properly provide the analysis, a comparison with the companies act no. For guidance, the developers looked to south african company law for the 21st century. The companies act 2001 was a major revision of the legislation since 1984. Schedule 5, item 6 read together with the amendment act.
The saica guide to the companies act 71 of 2008 has been released. The companies act, 2008 the act defines a director as. Unlike the general partnerships in india, llp is a body corporate and legal entity separate from its partners, have perpetual succession and any change in the partners of a llp shall not affect the existence, rights or liabilities of the llp. Therefore the regulations should be read together with companies act, 2008 and the companies amendment bill as published. The selfdealing rule precludes a director from acting on behalf of the company in a transaction where heshe has. Notice of an application for an order under section 6c of the investment company act of 1940 act for an exemption from sections 2a32, 5a1 and 22d of the act and rule 22c1 under the act, and under sections 6c and 17b of the act for an exemption from sections. The companies act 61 of 1973 the previous act was repealed on 1 may 2011. Preexisting companies on 1 may 2011 every preexisting company, that was formed in terms of the previous.
The companies act, 2008 disclosure of directors and prescribed officers remuneration for external distribution june 2015 update the latest version of this guide is deemed to replace and supersede all previous versions of the guide. This guide includes information on matters that are practical and relevant to saica members and other individuals in business who engage with company law. The minister of trade and industry has, in terms of section 223 and. The companies act or the act refers to the companies act, no. Companies act 2001 corporate and business registration. The companies act, 2008 disclosure of directors and. There are some essential things you would need to know before you decide to incorporate a company in south africa. Topic gateways are intended as a refresher or introduction to topics of interest to cima members. The companies act 2009 sierra leone legal information institute. For guidance, the developers looked to south african company law for the 21st. Companies act no 71 of 2008 by ira epstein fluxmans inc. Jun 04, 2018 the companies act provides that if the board of directors of the company has neither ratified nor rejected a particular preincorporation contract made or done in the name of the company within three months after the date on which the company was incorporated, the company will be regarded as having ratified that agreement.
Companies act 71 of 2008 english text signed by the president assented to. General application of act and preservation of rights of existing companies. Companies act regulations 2008 acts download sapoa. This information booklet serves as an explanatory guide to, and general reference tool about the stipulations of the. Companies ct 2008 act o 71 of 2008 2 companies act, 2008 act no.
The limited liability partnership act, 2008 wikipedia. There are some essential things you would need to know before you decide to. The information contained herein is a summary of some of the key aspects of. The genetic information nondiscrimination act of 2008 gina is a federal law that protects people from genetic discrimination in health insurance and employment. Revised edition showing the law as at 1 january 2008. As such, it is intended to provide the reader or hisher entity with general information of interest. They include a basic definition, a brief overview and a fuller explanation of practical application. Companies act no 71 of 2008 by ira epstein fluxmans attorneys. April 2020 edition of my ebook on the companies act, 20 is available for sale from april 1, 2020.
Nonapplication of act part ii forms of discrimination 5. This moi was adopted by special resolution passed on 30 november 2012 in substitution for the existing. Jul 24, 2012 par value shares old act allowed par value and no par value share new act precludes creation of new authorised par value share existing par value shares remain may issue unissued par value shares from authorised capital as at 1 may 2011 if at least one such share issued new company cannot create or issue. Genetic discrimination is the misuse of genetic information. In particular, it continues the practice of name reservation, but this will no longer be mandatory. Amendment of certificate of incorporation of converted company and when. However, while it is believed to be accurate and up to date, it is not authoritative and has no legal effect, having been prepared inhouse for the assistance of the law officers. Companies act 2008 summary of transitional arrangement. The companies act 71 of 2008 the act was signed into law on 8 april 2011 and its commencement date was 1 may 2011. Companies amendment act 3 of 2011 act to provide for the incorporation, registration, organisation and management of companies, the capitalisation of profit companies, and the registration of offices of. The application of section 90 of the companies act, 2008. Finally they signpost some further resources for detailed understanding and research.
Notes on the guide to companies act no 71 of 2008 2 1. However, to ensure consistency of responses to, and the overall quality of such research, this document provides guidance on the applicability of section 90 of the act and clarification on certain terminology used in section 902 b. The companies act 2008 at a glance overview you have decided to start a business and you want to incorporate a company. There are changes that may be brought into force at a future date. Numbered acts adjustments appropriation act, 2008 no. Failure on directorship level may ultimately result in the ruin of a company with aggrieved and unpaid creditors attempting to recover damages suffered and losses incurred. Act or the old act and the 2008 companies act as the new companies act or new act. The directors duty to avoid conflict of interest has been recognised and developed by common law. It is administered by the companies and intellectual properties commission. Before the new companies act came into effect on 1 may 2011 and in dealing with the rendering of directors personally liable for the debt or debts of a company one relied on.
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